---

Value Added Tax

I was trying to find a ray of light—of hope—or a good motive behind this move, but I fear I was being a little too kind, and I acknowledge my hon. Friend's intervention. The problem at present is not a demand problem; it is a banking, liquidity and monetary problem. This is worse than crass Keynesianism; it is like burning paper money to try to keep warm when what we need to do is fix the heating system. We need the hot water pumping around the heating system, but that is not what is happening. Secondly, this is a foolish measure in its implementation. I am not one to talk often about parliamentary privilege and parliamentary debate, and to say how important it is that we all get to debate such matters; I am more interested in the outcome. On this occasion, however, the measure has been rushed through the House, and I think that if we had had the time to debate it, a different decision would have been made. As the right hon. Member for Birkenhead said, there are other things we could do with £12.5 billion; on cool, calm reflection, I think that even Government Members would have reflected sensibly and realised that better things could have been done.